-LRB- CNN -RRB- -- At least five thieves armed with hammers stormed a jewelry store in Memphis , Tennessee , sending mall shoppers and employees scurrying as they stole dozens of Rolex watches , police said .

The culprits targeted Reeds Jewelers in Wolfchase Galleria around 7:30 p.m. -LRB- 8:30 p.m. ET -RRB- Saturday , Memphis police spokeswoman Sgt. Alyssa Macon-Moore said .

Employees ran to the back of the store as the thieves stuffed about 65 Rolex watches into pillowcases , Macon-Moore said .

Each watch is worth about $ 11,000 .

The case is being investigated as a theft , not a robbery , because the thieves did not interact directly with any employees .

Previously , police said the assailants were armed with sledgehammers and guns , based on witness accounts . But officers reviewed surveillance video and saw only hammers .

Others in the mall also reported the sound of gunfire , but police determined it was the sound of display cases being broken , Macon-Moore said .

Police received numerous calls from people hiding in the mall , which was temporarily locked down .

The thieves fled and remain at large . No one was injured in the incident .

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The thieves stole about $ 715,000 worth of Rolex watches , police say

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Some reported gunfire , but police say it was the sound of display cases breaking

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No one was injured in the incident , and the culprits remain at large